The year 2022 has been a brutal year for the crypto market after the top cryptocurrencies like Bitcoin, Ethereum, Cardano, BNB and others have been thrashed from their bullish momentum. Even the global crypto market cap plunged from a high of $3 billion to below $1 billion
However, early adopters have become used to such volatility while new investors and traders are getting used to it. This type of back-to-back decline is called crypto winter.
Currently, the global crypto market cap is positioned at $922.5 billion with a fall of 1.33% over the last 24hrs.
This shows that the crypto market is still under the control of the bears while the crypto community is eagerly waiting for the end of CryptoKitties 2022. The main reason for the extended crypto winter is macroeconomic events that have directly affected the king currency.
The last few months have seen various macro events that have negatively impacted the market, especially the US stocks. And as Bitcoin is mostly known for its correlation with S&P 500, the flagship currency dropped heavily pulling other cryptocurrencies.
Crypto Winter To End Soon
The current market situation has attracted both positive and negative predictions for Bitcoin. A closely followed market expert, Jurrien Timmer, global macro director at Fidelity has claimed Bitcoin to drop near $16k if its correlation with stocks continues.
On the other hand, it is almost impossible to know the next move of the market, Rene Steinberg. The CEO of Arca Investments is of the opinion that the crypto bottom is near. This statement was made during a conversation with Fortune Crypto. However, he also said that it is difficult to know when the crypto bottom will occur.
At the time of publication, Bitcoin has dropped by 2.25% over the last 24hrs and is trading at $19,169. If Bitcoin reclaims the $20,000 area and maintains its further, the crypto recovery could soon attract a bull run.
